Why do so many SMEs want to reverse the Brexit process?

As Brexit continues to loom large on the horizon and many businesses are faced with doubts about the implications of it, 61% of UK SMEs are keen to reverse the process.

A survey conducted by Citibase, a company specializing in flexible office solutions for entrepreneurial professionals, has revealed that of 1,059 SMEs asked, 49% are delaying investment decisions until a decision has been reached regarding the UK’s exit from the EU.

These figures come as a surprise, especially given the fact that 78% of SMEs have seen their revenues either increase or stay the same since the vote to leave the UK was finalized.

Common concerns for SMEs across the UK include the weakening pound, as well as the implication of Britain leaving the Single Market, resulting in difficulties surrounding free trade and exporting.

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Kennedy Zvenyika, Managing Director of GIC Capital said: “Brexit continues to concern many small businesses across the UK and another issue for SMEs is how they can go about retaining EU workers within their companies.

“The skills shortage is something affecting many SMEs in the UK and the problem is only being made worse by the fact that many EU residents are leaving the UK amid fears about their rights post-Brexit.

“According to the Federation of Small Businesses, around 21% of SMEs employ EU citizens, suggesting a fairly significant amount of companies are set to be affected by the amount that are choosing to leave the UK.”

With a personal approach to financing, GIC Capital has connections with a plethora of substantial privately owned investment companies and can offer its customers a variety of services including business loans, overdrafts and expansion capital.